A foundation governing state Venezuelan Social Television Station (Teves) -which is to replace private TV channel RCTV- has been organized, as stated in a presidential decree published in the Official Gazette on Monday.
 
The new television station will be attached to the Ministry of Communication and Information, as provided for under the presidential decree, with its headquarters located in Caracas. Teves will be authorized to operate nationwide and abroad.
 
The new Teves Foundation is to manage the broadcast license for operation in open VHF signal formerly granted to channel 2 (RCTV) -the license of which expires next May 27. The foundation will structure and design Teves programming.

Teves Foundation will not be in charge of producing or generating contents or audiovisual material.

The foundation's capital stock will be entirely contributed by the Venezuelan State, but the amount was not mentioned in the decree. The board of directors of Teves Foundation will comprise seven members appointed by the Ministry of Communication and Information.